Govt receives proposal of Rs 1.53 lakh cr from 5 firms to set up semiconductor, display plants
The Indian government has received proposals from five companies for setting up electronic chip and display manufacturing plants, with an investment of Rs 1.53 lakh crore, an official statement said on Saturday.
The applications were invited till February 15, 2022, to widen and deepen electronic manufacturing and ensure the development of a robust and sustainable semiconductor and display ecosystem in the country.
Vedanta Foxconn JV, IGSS Ventures, and ISMC propose to set up electronic chip manufacturing plants with a $13.6 billion investment. They have sought the support of $5.6 billion from the government, under the Rs 76,000 crore Semicon India Programme, the Ministry of Electronics and IT said.
Semicon India Programme is building on the successes of Digital India and Make in India programmes in the electronics manufacturing sector. The pragmatic schemes have laid a strong foundation for the programme, thereby making the country an internationally conducive and competitive destination for semiconductor and display manufacturing.
Vedanta and Elest have proposed to set up a display manufacturing unit with a projected investment of $6.7 billion and have sought the support of $2.7 billion from the centre under the scheme for setting up Display Fabs in India.
Besides, SPEL Semiconductor, HCL, Syrma Technology, and Valenkani Electronics have registered for semiconductor packaging, and Ruttonsha International Rectifier has registered for compound semiconductors.
Three companies — Terminus Circuits, Trispace Technologies, and Curie Microelectronics — have submitted applications under the Design Linked Incentive Scheme.
The applicant companies have also submitted proposals for technology acquisition, partnerships, and collaborations with research institutes as part of the applications.
The enthusiastic participation by the companies under the Semicon India Programme reinforces the Prime Minister’s vision of “Aatmanirbhar Bharat”, with the aim of technology leadership in semiconductors over the next 20 years.
This is expected to boost the Indian economy and generate a skilled pool of manpower, along with significant employment generation.
(Additional info has been added to this PTI copy for context.)